INDEPENDENT AUDITOR'S REPORT
to the Members of ECF Trust
IA company limited by guarantee, not having a $hare capital)
Report on the audit of the financial statements
Oplnlon
We have audited the company financial statements of ECF Trust I'the company'l for the financial year ended 31
December 2023 which comprtse the Statement of Financial Adivilies lincorporaling an Income and Expenditure
Account}, the Balance Sheet. the Slalemenl of Cash Flows and notes lo the financial statements, including the
summary of significant accounting policies set out in note 2. The financial reporting framework that has been applied
in their preparation is applieable law and United Kingdom Aecounling Standards. including FRS 102 'The Financial
Reporting Standard applicable in the UK and Republic of Ireland" applying Section 1A of that Standard and
Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their
accounts in accordance with FRS 102.
In our opinion. when reporting in accordanee with a fair presentation framework the financial stalemenl5'.
give a true and fair view of the state of the company's affairs as al 31 December 2023 and of its surplus fof the
financial year then ended-,
have been properly prepared in aceordance with United Kingdom Generally Actspted A￿oUntIng Practice,. and
have been prepared in accordance with the requiiements of the Companies Act 2006 and the Charities Act
{NortheTn Ireland) 2008.
Basls for opinlon
We conducted our audit in accordance with International Standards on Auditing {UK) IISAS {UKI) and applicable law.
Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the
financial statements sedion of our report. We are independent of the company in accordan￿ with ethical
requirements that are relevant lo our audit of the financial slalements in the UK, including the FRC'S Ethical Standard.
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements. we have concluded that the Iruslees, use of the going concem ba$is of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed. we have not identified any material uncertainties relating lo events or
conditions that. individually or eolleclively, may cast significant doubt on the company's ability lo continue as a going
COn￿M for a period of al least ￿e1ve months from the dale when the financial ststements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant
sections of this report.
Other Irrformation
The other information comprises the infomialion included in the annual report other than the financial statements and
our Audilo¢s Report Ihereon. The Iruslees are responsible for the other infomialion contained within the annual
report. Our opinion on the financial statements does not cover the other infomation and. except to the extent
otherwise expliciuy slated in our report. we do not express any fom of assurance conclusion Ihereon.
Our responsibility is to read the other infomialion and, in doing so. consider whether the other infomialion is malerialty
inconsistent with the financial ststements or our knowledge obtained in the course of the audit. or otherwise appears
lo be materially misstated. If we identify such material inconsistencies or apparent material misststements. we are
required lo determine whether this gives rise lo a material misstatement in the financial statements themselves. If.
based on the work we have performed, we conclude that there is a material misstalemenl of this other inforniation, we
are required lo report that fact. We have nothing lo report in this regard.
Opinion on other matter prescribed by th9 Companies Act 2006
In our opinion. based on the work undertaken in the Course of the audit..
the infomalion given in the Trustees. Annual Report for the financial year for whi¢h the financial statements are
prepared is consistent with the financial statements.. and
the Tru51ees' Annual Report has been prepared in accordance with applicable legal requirements.

INDEPENDENT AUDITOR'S REPORT
to the Members of ECF Trust
IA company limlted by guarantee, not having a sharo capital)
Matters on whlch we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the
audit. we have not identified material misslalements in the TTuslees' Annual Report.
We have nothing lo report in respect of the following matters where the Companies Act 2006 requires us lo report lo
you if. in our opinion..
adequate accounting records have not been kept., or
the financial slalements are not in agreement with the accounting records and retums,. or
rtain disclosures of trustees, remuneration specrfied by law are not made., or
the trustees were not enlilled to prepare the financial statements in accordance with the small companies regime
and tske advantage of the small companies, exemption in preparing the Trustees, Annual Report.
Responsibilities of trustees for the financial statgments
As explained more fully in the Statement of Trustees, Responsibilities set out on page 7. the trustees are responsible
for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such
internal eonlrol as they determine is necessary lo enable the preparation of financial statements that are free from
material misslalemenl. whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the company's ability lo continue as a
going concem. disclosing, as applicable. matters related to going concern and using the going con￿rn basis of
accounting unless management either intends to liquidate the company or lo Cease operations, or has no realistic
allemalive bul to do so.
Auditorfs responsibilltles for the audit of the financlal statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misslatemenl, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion.
Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with
ISAS {UKI will a￿ayS delect a material misstatement when il exists. Misslalements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial stalemenls.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities. outlined above, to detect material misslalements in respect of irregularities. including
fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below..
There is an inherent difficulty in detecting irregularities during audit. However the effectiveness of entity's controls. the
nature and extent of audit procedures performed. gives us wnfidence in detecting irregularities.
Further information regarding the scope of our responsibilitles as auditor
As part of an audit in accordance with ISAS (UK}. we exercise professional judgement and maintsin professional
$￿p11c1sM throughout the audit. We also..
Identify and assess the risks of material misstatement of the whether due to fraud or error. design and perfomi
audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate lo provide
a basis for our opinion. The risk of not detecting a material rnisslalement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions. mis￿presentatIons. or the
override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstan¢es, bul not for the purpose of expressing an opinion on the effectiveness of the
company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates an
related disclosures made by trustees.
Conclude on the appropriateness of the trustees, use of the going concem basis of accounting and. based on the
audit evidence obtained, whether a material uncertainty exists related lo events or conditions that may cast
significant doubl on the ¢ompany's ability to continue as a going concern. If we conclude that a material
un￿rtainlY exists. we are required lo draw allenlion in our Auditor's Report lo the related disclosures in the
financial statements or, if such disclosu￿$ are inadequate, lo modify our opinion. Our conclusions are based on
the audit eviden￿ obtained up to the date of our Auditorfs Report. However, future events or conditions may
cause the the company to cease to continue as a goin9 concem.
Evaluate the overall presentslion. slru¢lure and conlenl of the financial statements. including the diselosures. and
whether the finan¢ial Statements represent the underlying transactions and events in a manner that achieves fair
presentation.
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INDEPENDENT AUDITOR'S REPORT
to the Members of ECF Trust
IA company limited by guarant•è. not having a sharg capltall
We communicate with those charged with governance regarding, among other matters, the planned scope and liming
of the audit and significant audit findings. including any significant deficiencies in intemal control that we identfy
during our audit.
DALY PA
& COMPANY
Chartere
Accountants
4 Camegie Street
Lurgan
Craigavon
Co. Armagh
BT66 SAS
Northern Ireland
28 June 2024
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